The Cardano (ADA/USD) price is in a consolidation mode as investors prepare for the new month. ADA, the native token for the Cardano ecosystem, is trading at $1.6990, which is within 27% above the lowest level during the weekend.
Cardano adoption rising
Cardano is a fast-growing blockchain project that was started by Charles Hoskinson, who was also a co-founder of Ethereum. It is the only network built on peer-research materials and was one of the earliest to embrace the proof-of-stake (POS) consensus mechanism
Cardano’s network has many uses across different sectors. For example, it has uses in the education sector, where it can simplify the certificate issuance mechanism. In April, Cardano’s foundation inked a large deal to decentralise the Ethiopian education sector.
Cardano is also applicable in the retail sector, where it can be used to deal with counterfeit goods. It is also used in the government, agriculture, finance, and healthcare sectors.
Further, Cardano price has jumped because of its intention to challenge Ethereum in the smart contracts industry. The developers are implementing the change through the Goguen stage of its development. By rolling out smart contracts, developers will be able to build applications like those in Decentralised Finance (DeFi) like Uniswap and Aave. They will also be able to build platforms for Non-Fungible Tokens (NFT) developers.
These developments have brought more attention to Cardano’s network, which is reflected in its price. The Cardano price has jumped by almost 900% year-to-date and by more than 2,000% in the past 12 months. This has pushed its total market cap to more than $53 billion, making it the fourth-biggest cryptocurrency project after Bitcoin, Ethereum, and Tether.
However, Cardano is not immune to market fluctuations. In May, after surging to an all-time high of $2.4555, it dropped by more than 60% during the market sell-off.
Cardano price technical analysis
The four-hour chart shows that a battle is going on between buyers and sellers. This has led to the creation of what seems like a triangle pattern. In technical analysis, a symmetrical triangle is usually a sign of consolidation.
Unlike the ascending and descending triangles, the symmetrical triangle is relatively hard to predict the next price action. Still, since the triangle is not close to the confluence zone, it means that the price will continue to consolidate in the next few sessions. The key support and resistance levels are $1.50 and $1.80.
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